The rushed-through Federal Omnibus “Budget” Appropriation for federal fiscal year 2023 survived amendment votes in the United States Senate and is now headed to the United States House of Representatives. It will likely pass in current form, barring something unforeseen. The bill directs $1.7 trillion in spending for the fiscal year ending in September 2023 and will increase the structural federal deficit for FY2023. The total U.S. public debt stands at nearly $31.5 trillion as of this writing.
As was noted here at Clean Slate Moco, representatives from districts representing MoCo geographically (and its voters) tacked on their share of earmarks to the bloated bill. Money is to be directed to various non-profits and a Chinese American civic organization based in Gaithersburg. There are multiple Chinese American civic associations in Montgomery County and beyond, however, just a single one based in Rep. David Trone’s district will get federal taxpayer money (curiously).
One other interesting Maryland / MoCo impacting earmark noted by Texas Congressman Chip Roy’s staff online is tucked into the Financial Services and General Government appropriation budget plan, for nearly a million bucks ($956K) to something called the “Equity Incubator at the Universities at Shady Grove”.
It is unclear which representative “brought home the bacon” on this potential gift to the “Equity Incubator”.
Per the website for the “Lab for Entrepreneurship” at shadygrove.umd.edu, the incubator is: an eight-week program offered in the spring and fall which culminates in an entrepreneurial pitch competition and the chance for the winning team to secure a $10,000 award to help in launching a business.
Digging a bit deeper on the provided website:
The Equity Incubator is an 8-week startup launch program for local entrepreneurs hosted by the Lab for Entrepreneurship and Transformative Leadership at the Universities at Shady Grove. The program is facilitated by University Startups. We invite individuals who identify with a gender, racial/ethnic, or other identity which, historically, has not been dominant in receiving entrepreneurship support. We do this because we aim to create a collaborative, diverse cohort of entrepreneurs that can contribute unique perspectives in a supportive environment as we foster new venture formation and growth.
It is unclear if this invitation is extended to all people. The invitation seems to indicate certain types of college-aged entrepreneurs will be excluded. The Universities at Shady Grove contact for the program / incubator was e-mailed for comment. An update to the article will be provided if comments are received.
The Fall 2022 Cohort has interesting participants, including prospective entities such as “Easy Oat Burgers” and “What is Black”. Also, something called “Calmer Schools”.
Per the United States Census Bureau, new business formations in the state of Maryland were down 3.5% in November 2022 when compared to the prior year.
Entrepreneurship is good and should be fostered. Does it take $956,000 of other’s people money / future taxpayer’s money to do so? And must it be done in such an exclusionary framework?
